Bitcoin’s price rally of over 38 percent in January owes its successes to high US performance metrics earlier last month, A Matrixport research report said.
According to the document, Bitcoin led to positive returns in five out of the six years where its price rallied in the month of January. Subsequent gains in the respective years saw 245 percent gains.
2014 was the only year that evidenced a decline after a strong January and bull-market peak, it added.
Markus Thielen, Head of Research for Matrixport, authored the study. It added the bull market this year could receive backing from a forecasted bitcoin halving cycle in March of next year.
Bitcoin halving cycles indicate when cryptocurrencies entering the market drop by 50 percent each 10 minutes. This indicates a return to Bitcoin prices around $45,000 by the year’s end, it concluded.
The news comes after Bitcoin rallied to around $23,000 in January multiple times, indicating a return to bull markets. This follows a disappointing bear market in 2022, namely due to the collapse of FTX and subsequent crypto exchanges.
